Core & Main, Inc. (NYSE:CNM) Sees Significant Drop in Short Interest

Core & Main, Inc. (NYSE:CNM) saw a significant decrease in short interest in the month of December. As of December 31st, there was short interest totalling 12,300,000 shares, a decrease of 5.7% from the December 15th total of 13,050,000 shares. Approximately 6.5% of the company’s stock are short sold. Based on an average daily trading volume, of 2,310,000 shares, the short-interest ratio is presently 5.3 days.

Wall Street Analyst Weigh In

CNM has been the topic of several recent analyst reports. Truist Financial boosted their price target on Core & Main from $38.00 to $56.00 and gave the stock a “hold” rating in a research note on Wednesday, December 4th. Loop Capital increased their target price on Core & Main from $52.00 to $63.00 and gave the company a “buy” rating in a research note on Wednesday, December 4th. Royal Bank of Canada restated an “outperform” rating and issued a $62.00 price target (up previously from $53.00) on shares of Core & Main in a research note on Wednesday, December 4th. Barclays increased their price objective on shares of Core & Main from $57.00 to $65.00 and gave the company an “overweight” rating in a research note on Wednesday, December 4th. Finally, The Goldman Sachs Group boosted their target price on shares of Core & Main from $50.00 to $57.00 and gave the stock a “neutral” rating in a research report on Thursday, December 5th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Core & Main currently has an average rating of “Moderate Buy” and a consensus price target of $57.30.

Insider Transactions at Core & Main

In other news, EVP Jeffrey D. Giles sold 25,000 shares of Core & Main stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $54.71, for a total transaction of $1,367,750.00. Following the sale, the executive vice president now owns 11,615 shares in the company, valued at $635,456.65. This trade represents a 68.28 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, General Counsel Mark G. Whittenburg sold 1,974 shares of the company’s stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $55.29, for a total transaction of $109,142.46. Following the completion of the transaction, the general counsel now owns 7,667 shares of the company’s stock, valued at $423,908.43. This trade represents a 20.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 427,426 shares of company stock valued at $22,923,825 over the last quarter. Company insiders own 3.49% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in CNM. Ashton Thomas Securities LLC bought a new stake in Core & Main in the third quarter valued at $26,000. ORG Wealth Partners LLC acquired a new stake in shares of Core & Main in the 3rd quarter worth about $31,000. Avior Wealth Management LLC lifted its position in Core & Main by 51.3% in the 4th quarter. Avior Wealth Management LLC now owns 799 shares of the company’s stock valued at $41,000 after purchasing an additional 271 shares during the last quarter. Wilmington Savings Fund Society FSB acquired a new position in Core & Main during the 3rd quarter valued at about $49,000. Finally, UMB Bank n.a. grew its position in Core & Main by 246.0% in the 4th quarter. UMB Bank n.a. now owns 962 shares of the company’s stock worth $49,000 after purchasing an additional 684 shares during the last quarter. 94.19% of the stock is currently owned by institutional investors.

Core & Main Trading Up 0.6 %

NYSE CNM opened at $55.21 on Friday. The company has a debt-to-equity ratio of 1.36, a quick ratio of 1.28 and a current ratio of 2.14. Core & Main has a one year low of $37.22 and a one year high of $62.15. The company has a 50-day simple moving average of $49.97 and a 200-day simple moving average of $47.97. The firm has a market capitalization of $10.97 billion, a PE ratio of 25.92, a price-to-earnings-growth ratio of 2.79 and a beta of 1.02.

Core & Main (NYSE:CNM) last issued its earnings results on Tuesday, December 3rd. The company reported $0.69 EPS for the quarter, beating analysts’ consensus estimates of $0.65 by $0.04. The company had revenue of $2.04 billion during the quarter, compared to the consensus estimate of $1.99 billion. Core & Main had a return on equity of 24.71% and a net margin of 5.71%. Core & Main’s quarterly revenue was up 11.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.65 earnings per share. On average, equities analysts forecast that Core & Main will post 2.16 earnings per share for the current year.

Core & Main Company Profile

Core & Main, Inc is a specialty distributor focused on water, wastewater, storm drainage and fire protection products, and related services. The company provides infrastructure solutions to municipalities, private water companies and professional contractors across municipal, non-residential, and residential end markets, nationwide.